Sellers who strike it rich — especially in a short amount of time — are often celebrated. But there is, of course, a sadder side to the market
No. 34 Merrin Cres, Wonthaggi, sold for about $120,000 less in the space of a year.
Real Estate Institute of Victoria president Andrew Meehan said common reasons to have to sell included “birth, death, marriage, divorce, promotion, demotion and windfall gain or loss”. “Generally sales of property because of one of those seven reasons are not foreseeable, so it’s always down to personal circumstances,” he said.
Mr Meehan added the property market’s overall trajectory was upward, so “the longer you hold property, then you avoid the ups and downs of the short terms”.The sellers of No. 331 Armstrong St North, Soldiers Hill, sold for $70,000 less.MELBOURNE’S BIGGEST RE-SALE LOSERSBOUGHT FOR: 9/12/2021 $1.175m
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